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Exemption of Filing of Income Tax Return

One good news for accountants and other salaried tax payers, if your annual taxable income is not Rs. 5 Lakh or more, you need not to file of income tax return. But interest on bank saving should not more than Rs. 10,000. This notification has been issued by CBDT on the behalf of Ministry of Finance. See this PDF file for more detail.

According to this amendment in section 142, 148, 153 A and 153 C of Income Tax Law 1961, all his tax will be deducted by his Employer in the form of TDS and will be deposited in Govt. Account. With this way 85 Lakh salaried persons of India who do not know the A,B,C of filing the return need not to file return because their total income is less than Rs. 5 Lakh per year. The exemption from filing returns will apply from the assessment year 2011-12.

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